A prospective owner of a Twenty20 Global League franchise has confirmed its withdrawal from the enterprise because it felt the "risks and benefits" of the investment would not serve its stakeholders.

At Cricket South Africa's tournament launch in June, Brimstone was named as the owner of the franchise that will be based in Paarl and Stellenbosch, but on Friday (August 11) it was announced that it would not be proceeding with the prospective acquisition.

Concerns around the franchise have lingered for some time - last week Cricbuzz reported that some of the franchises had not in fact been sold, contrary to the image depicted by CSA at the launch. It is understood that Mushtaq Brey, the chief executive of Brimstone, had reservations about being presented as the frontman for the consortium during the launch, given that so many questions around the potential acquisition remained unanswered. He only agreed after presenting a list of conditions that CSA would need to meet, but Friday's announcement confirmed that that has not happened.

"Following the announcement in June this year, Brimstone continued its own internal process in regards to the proposed acquisition of the franchise," the company said in a statement. "As a result of this process the company has decided not to proceed with this venture."

In the same statement, Brey added: "We follow a rigorous investment process. This venture had to undergo the same process and be tested against our standard investment criteria as all other investment proposals. Our investment decisions take cognisance of the risks and benefits to all our stakeholders.

"We wish Cricket South Africa well with the T20 Global League and will continue to support the development of, and access to, the sport in various other ways."

CSA set an initial target of having four local owners in the competition, but Brimstone's withdrawal means that only one remains - and even that could be in the balance, with details of Osman Osman's investment in the Pretoria franchise still to be confirmed.

It also brings into question whether buying one of the franchises can lead to a return on investment for companies or individuals who do not already own T20 franchises elsewhere. While the three Indian Premier League owners and one Pakistan Super League owner who have invested in the Global T20 will be able to fall back on existing structures as they look to set up the new enterprise, South African businesses without a foothold in the Twenty20 cricket market do not have that luxury.

In the wake of Brimstone's withdrawal, CSA said they would seek a replacement from the initial shortlist of bidders as well as new parties who have expressed interest. They added that they will take responsibility for setting up the franchise in the interim. With the player draft set to take place on August 26 and 27, and the league expected to start in early November, time is tight.

"We are confident that the Stellenbosch franchise team will be ready for participation in the T20 Global League, which kicks off in November 2017," CSA chief executive Haroon Lorgat said in a statement. "We are working full steam to be ready for any new owner to takeover and run the team without any delay."